Houston, Texas

Houston is the largest city within the state of Texas, fourth in the United States, and the second-largest economic area of the Gulf Coast region. The city is the county seat of Harris County, the third most populous county in the country. A portion of southwest Houston extends into Fort Bend County and a small portion in the northeast extends into Montgomery County.

Economy

See also: List of major companies in Houston

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Houston's energy industry is a world powerhouse (particularly oil), but biomedical research, aeronautics and the ship channel are also large parts of the city's industrial base. The city is the largest petrochemical manufacturing area in the world, including for synthetic rubber, insecticides and fertilizers. The area is also the world's leading center for building oilfield equipment. Much of Houston's success as a petrochemical complex is due to its man-made ship channel, the Port of Houston, which is one of the busiest ports in the United States and second in the world in foreign tonnage. Because of the economic trades, many residents have moved in from other U.S. states, as well as hundreds of countries worldwide. Unlike most places, where high gas prices are seen as harmful to the economy, they are generally seen as beneficial for Houston as many are employed in the energy industry.

Related Topics:
Energy - Oil - Biomedical - Aeronautics - Industrial - Petrochemical - Synthetic rubber - Insecticide - Fertilizer - Oilfield - Port of Houston - Port - Tonnage - Gas

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Historically, Houston has had several growth spurts (and some devastating economic recessions) related to the Texas oil industry. The discovery of oil near Houston in 1901 led to its first growth spurt — by the 1920s, Houston had grown to almost 140,000 people. The city's burgeoning aerospace industry heralded its second growth spurt, which solidified with the 1973 oil crisis. Demand on Texas oil increased, and many people from the northeast moved to Houston to profit from the trade. When the embargo was lifted, the growth mostly stopped. However, Pasadena still has its refineries, and the Port of Houston is among the busiest in the world.

Related Topics:
Economic recession - 1901 - 1920s - Aerospace - 1973 oil crisis - Embargo - Pasadena

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Houston is second to New York City in Fortune 500 headquarters. It has attempted to build a banking industry, but the companies originally started in Houston have since merged with other companies nationwide. Banking is still vital to the region, but most of the banks operating in the city are not based there. More recently, Houston has become a major center of finance with a large number of banks, many of them foreign. Real estate is also a large presence in the Houston area.

Related Topics:
Fortune 500 - Banking - Finance - Real estate

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